Home Markets Oil prices drop as markets await OPEC+ meeting on supply deal

Oil prices drop as markets await OPEC+ meeting on supply deal

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A sell-off in oil markets continued ahead of OPEC+ meeting on Thursday as calls heightened for the cartel to release more oil to tame prices.

Brent crude futures, the international benchmark, dropped 0.72% at $81.40 per barrel on Thursday. US crude futures West Texas Intermediate dipped 1.06% to $80/bbl.

US President Joe Biden on Tuesday blamed the Organization of Petroleum Exporting Countries (OPEC) and its partners led by Russia for the surge in oil prices because the cartel refused to supply more oil, Reuters reported. India and Japan have also joined calls for OPEC to pump more oil.

More supply

“Crude oil fell sharply as pressure mounted on OPEC to increase output more than scheduled. The US, India and Japan all called for the alliance to raise supply faster,” analysts at ANZ Research wrote in a note today.

However, analysts have said OPEC+ may not bow to the pressure as it is also struggling to meet the agreed additional 400,000 barrels per day…

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